Minnesota Chapter 7 Bankruptcy

A Chapter 7 bankruptcy involves liquidating all of a debtors non-exempt assets and using that money to pay secured and unsecured creditors. A Chapter 7 bankruptcy allows an individual to receive a discharge of their pre-petition bankruptcy debt. An individual filing a Chapter 7 bankruptcy petition is allowed to keep exempt property up to a certain value including the family home, car, and household possessions. Filing a Chapter 7 bankruptcy petition stops all creditors from calling or contacting the consumer.